MDRNA, Inc has entered into an asset purchase agreement with Par Pharmaceutical, Inc under which, Par will acquire the company's manufacturing facilities in Hauppauge, New York as well as the company's Abbreviated New Drug Application (ANDA) for generic calcitonin-salmon nasal spray.

Under the terms of the Agreement, MDRNA will receive upfront cash and double-digit profit sharing on commercial sales of calcitonin. In addition, Par will assume MDRNA's supply and manufacturing obligations as well as all operating costs associated with the facilities.

"The agreement with Par represents the final step in our plan to create a company solely focused in the research and development of RNAi-based therapeutics," stated J Michael French, president and CEO. "This transaction significantly reduces our non-RNAi related expenses, provides revenue from the commercial sales of calcitonin, and permits the seamless transition of the manufacturing obligations without disrupting our current customers' supply demands. We will continue to look for means of monetizing the legacy nasal assets and remain focused on building value around our cutting-edge RNAi drug discovery platform."

French continued, "I am pleased that this transaction provides continued employment for our colleagues in Hauppauge whose dedication and hard work have enabled us to maintain high-quality operations and regulatory compliance while fulfilling our manufacturing obligations. We thank them and wish them well in their new positions."

MDRNA is a biotechnology company focused on the development and commercialization of therapeutic products based on RNA interference (RNAi).